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Thursday, December 17

17th Dec - Post-hike, USD stronger

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Economic Bulletin 8/2015ECB
Review of draft budgetary plans for 2016 * The creation of competitiveness boards * The role of base effects in the projected path of HICP inflation * Liquidity conditions and monetary policy operations in the period from 7/22 to 10/27 * New features in monetary and financial statistics

Confident and clear, Yellen says rate path will be well signaled – Reuters
Fed strikes right balance with first hike since 2006 – Danske Bank
Rate lift-off, finally, but the saga will continue – Pictet
Every central bank that did what the Fed just did has regretted it – WaPo
Fed launches campaign to raise interest rates and return U.S. economy to normal – WaPo
Fed raises interest rates, citing ongoing U.S. recovery – Reuters
Fed rate rise — now comes the hard part – FT
Fed aggressively ramps up new tool to pry rates higher – Reuters
Day 1 After Fed Liftoff Shows Move Catapults Money Market Rates – BB
Era of Easy Money Lives On in World Economy Even After Fed Shift – BB
Four More Rate Hikes? Goldman Thinks So – WSJ

Steen’s Chronicle: The big nothing?TF
USD is set to weaken because of the hike * Don't underestimate China as RMB 'goes global' * What's best for 2016? EM, of course * El Nino will actually be a force for good

Morning MoneyBeat AsiaWSJ
U.S. Stocks Rally as Fed Raises Rates

Morning MoneyBeat EuropeWSJ
Stocks Gain After Fed’s Rate Rise

Morning MoneyBeat USWSJ
Fed Ends Historic Era… What’s Next?

Danske DailyDanske Bank

Euro rates updateNordea

Equities and USD gain after Fed hike * Fed to hike again in March in our view * Fed’s message setting the tone of the bond markets * NOK hit again, we expect Norges Bank on hold today

Morning MarketsTF
The impact of the Fed's decision to bring its zero interest rate era to an end is being felt around the world.

Daily FX CommentMarc Chandler
The World Survives Fed Hike

Daily Press SummaryOpen Europe
EU leaders show willingness to help on UK reforms but warn against discrimination ahead of EU summit * New Lord Ashcroft poll shows majority of Britons could swing one way or another in EU referendum * Merkel leads mini refugee summit, as Austrian chancellor threatens to cut funding to member states who don’t accept refugees * Open Europe Spanish election preview: Most unpredictable election in decades could leave Spain with fragmented parliament and weak government * Russia imposes trade duties on Ukraine in retaliation for EU trade pact * German SPD party whip criticises EU spending priorities * Commission loses landmark cartel case at EU court

Brussels PlaybookPolitico
Summit time — Russia sanctions — Spanish punch

Global Stocks, Futures Continue Surge On Lingering Rate Hike Euphoria

FX UpdateTF
The USD enjoyed the combination of a less dovish than expected hike from the Fed and especially Yellen’s apparent confidence that financial stability risks aren’t worth fretting about. After the initial surge in the USD now we watch for whether the market has the appetite to follow through into year-end.

From the FloorTF
The US Federal Reserve's interest rate rise was as close as it gets to a dovish hike as the Fed clearly signalled that further rate increases will be data-dependent which paves the way for investors to return on the buy side and drive a year-end rally Saxo Bank's chief traders say.

Hitaasti haukkamaisemmaksi * Euroalueen luottamusluvut indikoivat kohtuullista kasvua Q4:llä * Argentiina päästää valuuttansa kellumaan tänään * Raakaöljyn hinta uppoaa edelleen